Saturday, February 6, 2010

And remember, FDIC is broke. As of September 2009, its DIF (Deposit Insurance Fund) was negative $8.243 billion. When FDIC releases its Quarterly Banking Profile for the 4th Quarter 2009 sometime this month, it's safe to assume it is in the hole for over $10 billion, guaranteeing $5.3 trillion (or more) deposits.

These days, numbers in billions fail to surprise anyone, don't they? If this is not inflation, I don't know what is.

For this inflated perception, we can thank Henry M. Paulson for throwing $700 billion number for the bank bailout - any number that's big enough to scare people into passing the bill. Up till then, George Bush's stimulus of over $100 billion was considered extravagant spending.

About my coverage of Japan Earthquake of March 11

I am Japanese, and I not only read Japanese news sources for information on earthquake and the Fukushima Nuke Plant but also watch press conferences via the Internet when I can and summarize my findings, adding my observations.

About This Site

Well, this was, until March 11, 2011. Now it is taken over by the events in Japan, first earthquake and tsunami but quickly by the nuke reactor accident. It continues to be a one-person (me) blog, and I haven't even managed to update the sidebars after 5 months... Thanks for coming, spread the word.------------------This is an aggregator site of blogs coming out of SKF (double-short financials ETF) message board at Yahoo.

Along with commentary on day's financial news, it also provides links to the sites with financial and economic news, market data, stock technical analysis, and other relevant information that could potentially affect the financial markets and beyond.

Disclaimer: None of the posts or links is meant to be a recommendation, advice or endorsement of any kind. The site is for information and entertainment purposes only.